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Florida Man accused of buying Lamborghini with coronavirus relief funds

We'll preface this by saying that when things work as they're meant to, we don't hear about them. When it comes to the Paycheck Protection Program, created as part of the CARES Act in March to provide loans to businesses to pay employees during the coronavirus lockdown, that means many jobs were saved but we also get stories of honest businesspeople unable to get loans or blackguards abusing the program. This story is the latter. David T. Hines, a 29-year-old Miami man with four businesses, applied for PPP funds in May. He received about $3.9 million in loans, and blew about $500,000 of that before the government began investigating and his bank froze his accounts. Instead of applying for loans to cover monthly expenditures of about $200,000 among his four moving-related companies, the feds say, Hines' four applications through Bank of America claimed combined monthly expenses of $4 million to pay 70 employees. BofA approved three of the four submissions. After the government made its first of three planned deposits of $3,984,557 into Hines' Bank of America account, Hines continued requesting more money, authorities say, ultimately seeking $13.54 million.  The spending began almost immediately after the PPP disbursement. As far as the government could tell by going through Hines' records, none of the money was spent on employees who "either did not exist or earned a fraction of what Hines claimed in his PPP applications.” Instead, officials say, Hines picked up a blue Lamborghini Huracan Evo for $318,497. He paid a person he listed as "Mom" $60,000. Saks Fifth Avenue got another $4,000. In June, $8,500 went to the Graff jewelry boutique, and $7,000 went to Miami's Setai hotel. The disbursement problem has arisen because the Small Business Administration that backs the PPP loans doesn't verify the claims in the applications, according to Assistant U.S. Attorney Michael Berger. How did Hines get caught, then? He got into a hit-and-run accident in his blue Lamborghini in July, and Miami police impounded the car. That eventually attracted investigation from no less than six governmental departments: the FDIC-OIG, USPIS, IRS-CI, the SBA-OIG, the Board of Governors of the Federal Reserve System, and the Bureau of Consumer Financial Protection-OIG. The U.S.

Veneno Roadster, One:1, One-77, LaFerrari, P1, Veyron headline 25-car Bonham's auction

Bonhams is holding a no-reserve auction in fall 2019 that includes some of the most valuable and sought-after supercars of the past decade. The lot of 25 beautiful collector items includes a Lamborghini Veneno Roadster, a Koenigsegg One:1, an Aston Martin One-77, a Ferrari LaFerrari, a McLaren P1, and a Bugatti Veyron. The collection, which was seized from a corrupt politician from Equatorial Guinea, is valued at roughly $13 million. If selling off future classics that are still in their infancy as collector items seems strange, it's because this is not a straightforward situation. These cars will be sold off by the State of Geneva, not a person. The collection was previously owned by the vice president of Equatorial Guinea, Teodoro Obiang, but the cars were seized when he was placed under investigation for money laundering and unfair management of public interests. These 25 cars, which were located in Geneva, were first sequestered in fall 2016. A trial court ordered them sold off, and the money earned from the sales would be invested in social programs that benefit Equatorial Guinea. And so, Equatorial Guinea is about to see an influx of cash, as every vehicle is valued in the hundreds of thousands, if not millions, of dollars. The rarest might be the Koenigsegg One:1. One of only six remaining, it has 371 miles on the dial, and is valued at roughly $1.8 million. The Lamborghini Veneno Roadster, one of nine in the world, is a close second. It has 202 miles logged, and is valued at about $5.1 million. The Aston Martin One-77 is another rare bird. It is example No. 35 of 77, holds a 7.3-liter V12 engine, and is valued at about $1.4 million. A McLaren P1, Ferrari LaFerrari, and Bugatti Veyron 16.4 round out the top of the list. The remaining cars are not fully detailed, but they include examples from Mercedes-Maybach, Bentley, Maserati and Porsche. The auction will take place on Sunday, Sept. 29, at the Bonmont Golf & Country Club near Lake Geneva. For more photos and information, visit Bonhams.

6 things you should know about the Lamborghini Urus

Lamborghini has finally revealed its second SUV in history. The road-oriented vehicle has a 641-horsepower twin-turbo V8 and highly creased body panels. There are plenty of interesting factoids packed into its four-door shape. We highlight the most interesting of them, here. It's named after a breed of cattle. Though many Lamborghinis have been named after specific fighting bulls, this one is named after an entire breed. The extinct breed is called urus, or sometimes aurochs, that is closely related to Spanish fighting bulls of today. It's the first Lamborghini with active roll control. When a car gets tall and heavy, it wants to lean a lot more when cornering. To counter that, Lamborghini fitted the Urus with an active roll control system to help keep the body flat going through turns. It's also one of a number of technologies meant to improve handling, such as adaptive damping, rear-wheel steering ( borrowed from the Aventador S) and torque vectoring on the rear differential. It has huge wheels and brakes. Standard wheels on the Urus are 21 inches, but for those with a desire for bigger dubs, there are optional 23-inch models. These wheels are stopped by standard carbon ceramic rotors. The fronts are 17.3 inches in diameter, and the rears are 14.5 inches. It has the best weight-to-power ratio of any SUV. Besides having the highest claimed top speed for an SUV, and acceleration on par with the 707-horsepower Grand Cherokee Trackhawk, Lamborghini claims the Urus has the best weight-to-power ratio of any SUV on the market. That ratio, with the SUV's roughly 4,850 pound curb weight and 641 horsepower, is 7.57 pounds per horsepower. It is worth noting that the aforementioned Grand Cherokee Trackhawk is still close with a ratio of 7.59 pounds per horsepower. It can be mostly rear-wheel drive, but not fully. The big Lambo is all-wheel-drive all the time, with its Torsen center differential providing a default torque split of 40 percent to the front, and 60 percent to the rear. This can change all the way up to 87.5 percent to the rear depending on conditions, or it can shift 70 percent of the torque to the front. Its chassis is all steel and aluminum. Unlike the Lamborghini's sports cars that use extensive carbon fiber in the chassis, either for the passenger cell in the case of the Aventador, or for reinforcement as in the Huracan, the Urus has a steel and aluminum chassis. Related Video: This content is hosted by a third party.